View Daily Data Tracking History
View Bill Text
View Statement of Purpose / Fiscal Impact
S1311.......................................by COMMERCE AND HUMAN RESOURCES TRUSTS - Amends existing law to provide that a notice filing by a unit investment trust expires eighteen months from the date received by the Department of Finance unless extended at the director's discretion. 01/26 Senate intro - 1st rdg - to printing 01/27 Rpt prt - to Com/HuRes 02/04 Rpt out - rec d/p - to 2nd rdg 02/07 2nd rdg - to 3rd rdg 02/08 3rd rdg - PASSED - 34-0-1 AYES--Andreason, Boatright, Bunderson, Burtenshaw, Cameron, Crow, Danielson, Darrington, Davis, Deide, Dunklin, Frasure, Geddes, Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, McLaughlin, Noh, Parry, Richardson, Riggs, Risch, Sandy, Schroeder, Sorensen, Stegner, Stennett, Thorne, Wheeler, Whitworth, Williams NAYS--None Absent and excused--Branch Floor Sponsor - Davis Title apvd - to House 02/09 House intro - 1st rdg - to Comm/Hu Res 02/11 Rpt out - ref'd to Bus 03/14 Rpt out - rec d/p - to 2nd rdg 03/15 2nd rdg - to 3rd rdg 03/23 3rd rdg - PASSED - 57-0-13 AYES -- Barraclough, Barrett, Bieter, Boe, Bruneel, Callister, Campbell, Chase, Cheirrett, Clark, Deal, Ellsworth, Field(13), Field(20), Gagner, Geddes, Hadley, Hammond, Hansen(29), Hornbeck, Jaquet, Judd, Kellogg, Kempton, Kendell, Kunz, Lake, Linford, Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen, Moss, Moyle, Pearce, Pischner, Pomeroy, Reynolds, Ridinger, Ringo, Robison, Sali, Schaefer, Sellman, Shepherd, Smith, Smylie, Stoicheff, Stone, Taylor, Tilman, Trail, Wheeler, Zimmermann NAYS -- None Absent and excused -- Alltus, Bell, Black, Crow, Cuddy, Denney, Gould, Hansen(23), Henbest, Jones, Stevenson, Wood, Mr Speaker Floor Sponsor - Smylie Title apvd - to Senate 03/24 To enrol 03/27 Rpt enrol - Pres signed - Sp signed 03/28 To Governor 03/29 Governor signed Session Law Chapter 76 Effective: 07/01/00
|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature Second Regular Session - 2000 IN THE SENATE SENATE BILL NO. 1311 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 AN ACT 2 RELATING TO THE IDAHO SECURITIES ACT; AMENDING SECTION 30-1437, IDAHO CODE, TO 3 PROVIDE THAT A NOTICE FILING REQUIRED TO BE FILED BY A UNIT INVESTMENT 4 TRUST WILL EXPIRE EIGHTEEN MONTHS FROM THE DATE RECEIVED BY THE DEPARTMENT 5 OF FINANCE UNLESS ADDITIONAL TIME IS GRANTED BY THE DIRECTOR; AND PROVID- 6 ING AN EFFECTIVE DATE. 7 Be It Enacted by the Legislature of the State of Idaho: 8 SECTION 1. That Section 30-1437, Idaho Code, be, and the same is hereby 9 amended to read as follows: 10 30-1437. FEES. Fees shall be fixed by the director and shall be paid in 11 advance under the provisions of this chapter, but shall not exceed the follow- 12 ing: 13 (1) (a) Except as otherwise provided herein, for the initial registration 14 of securities by notification or coordination or qualification or for a 15 notice filing pursuant to section 30-1433A(1), Idaho Code, there shall be 16 paid to the director or to an organization designated by the director, a 17 registration fee of five hundred dollars ($500) notwithstanding the number 18 of shares registered. The notice filing fee for shares of a unit invest- 19 ment trust shall be two hundred dollars ($200) notwithstanding the number 20 of shares to be offered or sold. 21 (b) Each series or portfolio of an investment company offering shall be 22 required to make a separate notice filing under section 30-1433A(1), Idaho 23 Code. Separate notice filings for classes of an investment company are not 24 required so long as classes are used solely as a method of distinguishing 25 payment plans within a series or portfolio. 26 (c) Unless renewed as provided in subparagraph (d) of this subsection or 27 additional time is granted by the director, the notice filing of a unit 28 investment trust shall expire one (1) yeareighteen (18) months from the 29 date effective registration is granted to the offering by the securities30 and exchange commissionreceived by the department. The notice filing of 31 all other investment companies shall expire two (2) months after the last 32 day of the issuer's next fiscal year end. The registration of all other 33 offerings shall expire one (1) year from the date registration is granted 34 by the director. If the issuer is an investment company, other than a unit 35 investment trust, with a fiscal year end which falls within thirty (30) 36 days after the effectiveness of a notice filing, such shares may be law- 37 fully offered or sold until two (2) months after the last day of the fol- 38 lowing fiscal year of the issuer. No registration or notice filing may be 39 renewed at any time after the registration or notice filing has expired. 40 (d) For the renewal of a registration or notice filing made pursuant to 41 section 30-1433A, Idaho Code, a renewal fee shall be paid to the director 42 in an amount fixed by the director not to exceed the amount specified in 43 subparagraph (a) of this subsection for the securities of the issuer. 2 1 (e) When an application for registration of securities is denied or with- 2 drawn the director shall retain all fees paid by the applicant. 3 (2) For filing an annual statement the fee shall not exceed ten dollars 4 ($10.00). 5 (3) For registration of a broker-dealer or investment adviser or for a 6 notice filing made pursuant to section 30-1406(4), Idaho Code, the fee shall 7 not exceed one hundred dollars ($100) for original registration or for an ini- 8 tial notice filing and one hundred dollars ($100) for each annual renewal 9 thereof. When an application is denied or withdrawn the director shall retain 10 the fee. 11 (4) For registration of a salesman or investment adviser representative 12 the fee shall not exceed twenty dollars ($20.00) for the original registration 13 with each employer and twenty dollars ($20.00) for each annual renewal. When 14 an application is denied or an application or notice filing is withdrawn the 15 director shall retain the fee. 16 (5) For certified copies of any documents filed with the director the fee 17 shall be the cost to the department as determined by the director. 18 (6) For each examination, exemption, opinion letter or notice filing 19 under section 30-1433A(2) and (3), Idaho Code, the fee shall not exceed fifty 20 dollars ($50.00), which fee shall not be refundable. 21 All fees, fines, examination and miscellaneous charges collected by the 22 director pursuant to the Idaho securities act shall be deposited into the 23 finance administrative account pursuant to section 67-2702, Idaho Code. 24 SECTION 2. This act shall be in full force and effect on and after July 25 1, 2000.
STATEMENT OF PURPOSE RS09358C1 This legislation amends the Idaho Securities Act to provide that the notice filings required to be filed for unit investment trusts will expire eighteen months from the date received by the Department, with authority to extend such time in the director's discretion. Currently, the law provides that these filings expire one year from the date on which the offering becomes effective with the Securities and Exchange Commission. This amendment will allow the Department to readily ascertain when the filing expires, yet give sufficient flexibility to extend the time in those instances where SEC effectiveness is later. FISCAL NOTE No fiscal impact. CONTACT Name: Marilyn Scanlan Agency: Department of Finance Phone: 332-8070 Statement of Purpose/Fiscal Impact S131